SPX and Fed Liabilities+Capital Correlation since 2017 (UPDATED)

2023年4月28日

Updated this to the weekly chart timeframe as I want weekly close updates, not Wednesday updates (that's when the fed data is listed)

2023年4月28日

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if you're so itchy for the wednesday data on wednesdays. check the other one

2023年4月29日

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if anyone is curious to my excuse for the 2018 divergence: inflation was pretty low, other central banks were not tightening, and jpow is a pussssaayyy

2023年5月15日

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two straight weeks of pumping (though the divergence is still there) as more regional banks use emergency loans.

more pumping = more liquidity = fed put = we go higher
until then, GG i expect more downside, at least to close the divergence, maybe at 3900 spx, give or take some handles

2023年5月20日

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I absolutely love this chart. Third straight week of pumping. The fed turns on the money printer = we go higher. Yes, it's that simple.

Still expecting a pullback into summer

2023年5月21日

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I was wrong about MMF inflows. They dipped a little, but then they continued higher. Makes sense, banks aren't seeing deposits returning or likely going down! Why should they? Savings yields are dogshit.

2023年6月9日

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The Fed is doing defacto QE right now. Massive liquidity pump this week. If you're short watch tf out